The product is available for terms of up to 12 months on loans ranging from £75,000 to £7.5m and a loan to value ratio of up to 75%. It comes without exit fees and offers investors a 50% discount on valuations as a bonus.
Chief commercial officer Matthew Tooth (pictured) said: “A significant proportion of the deals that brokers bring to us are for purchases agreed at auction. In these cases, our brokers’ clients too often struggle with the same issue: their lenders can’t meet the demands to get their loans completed in time.
“Our auction finance borrowers receive a fast-tracked service to give them the comfort they need to know that if we say we’ll lend, we’ll do so in the short space of time available.”
The product follows the launch of a development exit product in October. The lender is currently in the course of expanding nationally, having opened offices in Scotland and northern England in recent months.